Eastgroup Properties Inc (EGP) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to EastGroup Properties' third-quarter 2025 earnings conference call and webcast. (Operator Instructions) Also note that this call is being recorded on Friday, October 24, 2025.

各位女士、先生，早安，歡迎參加 EastGroup Properties 2025 年第三季收益電話會議和網路直播。（操作員指示）另請注意，本次通話將於 2025 年 10 月 24 日星期五進行錄音。

I would now like to turn the conference over to Marshall Loeb, CEO. Please go ahead, sir.

現在我將把會議交給執行長馬歇爾·勒布。請繼續，先生。

Good morning, and thanks for calling in for our third-quarter 2025 conference call. As always, we appreciate your interest. Brent Wood, our CFO, is also on the call, and since we'll make forward-looking statements, we ask you to listen to the following disclaimer.

早安，感謝各位撥入參加我們2025年第三季電話會議。一如既往，感謝您的關注。我們的財務長布倫特·伍德也參加了電話會議，由於我們將發表前瞻性聲明，請您注意以下免責聲明。

Please note that our conference call today will contain financial measures such as PNOI and FFO that are non-GAAP measures as defined in Regulation G. Please refer to our most recent financial supplement and our earnings press release, both available on the investor page of our website, and to our periodic reports furnished or filed with the SEC for definitions and further information regarding our use of these non-GAAP financial measures and a reconciliation of them to our GAAP results.

請注意，我們今天的電話會議將涉及PNOI和FFO等財務指標，這些指標屬於G條例定義的非GAAP指標。有關這些非GAAP財務指標的定義和使用詳情，以及它們與GAAP結果的調節表，請參閱我們網站投資者關係頁面上最新的財務補充文件和盈利新聞稿，以及我們向美國證券交易委員會提交的定期報告。

Please also note that some statements during this call are forward-looking statements as defined in and within the Safe Harbors under the Securities Act of 1933, the Securities Act of 1934, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements in the earnings press release, along with our remarks, are made as of today and reflect our current views on the company's plans, intentions, expectations, strategies, and prospects based on the financial information currently available to the company and on assumptions it has made.

另請注意，本次電話會議中的一些陳述屬於 1933 年證券法、1934 年證券法和 1995 年私人證券訴訟改革法案中的「安全港」條款所定義的前瞻性陳述。獲利新聞稿中的前瞻性陳述以及我們的評論均截至今日，反映了我們基於公司目前可獲得的財務資訊和假設，對公司計劃、意圖、預期、策略和前景的當前看法。

We undertake no duty to update such statements or remarks whether as a result of new information, future or actual events, or otherwise. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Please see our SEC filings, including our most recent annual report on Form 10-K, for more detail about these risks.

無論是由於新資訊、未來或實際事件或其他原因，我們均不承擔更新此類聲明或評論的義務。此類聲明涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致實際結果與預期結果有重大差異。有關這些風險的更多詳細信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格年度報告。

Thanks, Casey. Good morning, and I'd like to start by thanking our team. They've worked hard this year, and we're making solid progress towards our '25 goals. I'm proud of our results. Our third-quarter results demonstrate our portfolio quality and resiliency within the industrial market. Some of the results produced include funds from operation at $2.27 per share, up 6.6% for the quarter over prior year. And now for over a decade, our quarterly FFO per share has exceeded the FFO per share reported in the same quarter prior year, truly a long-term trend.

謝謝你，凱西。早安，首先我要感謝我們的團隊。他們今年非常努力，我們在實現 2025 年目標方面取得了穩步進展。我對我們的成績感到自豪。我們第三季的業績證明了我們投資組合的品質以及在工業市場的韌性。部分業績包括每股營運資金為 2.27 美元，比上年同期成長 6.6%。十多年來，我們的季度每股 FFO 都超過了去年同期報告的每股 FFO，這確實是一個長期趨勢。

Quarter-end leasing was 96.7%, with occupancy at 95.9%. Average quarterly occupancy was 95.7%, which, although historically strong, is down 100 basis points from third-quarter '24. Quarterly re-leasing spreads were 36% GAAP and 22% cash for leases signed during the quarter. Year-to-date results were slightly higher at 42% and 27% GAAP and cash, respectively. Cash same store rose 6.9% for the quarter and 6.2% year to date.

季末租賃率為 96.7%，入住率為 95.9%。季平均入住率為 95.7%，雖然從歷史角度來看較為強勁，但比 2024 年第三季下降了 100 個基點。本季續租價差為 36%（以 GAAP 計算）和 22%（以現金計算），適用於本季簽署的租賃合約。年初至今的業績略高，以 GAAP 計算為 42%，以現金計算為 27%。本季同店現金銷售額成長 6.9%，年初至今成長 6.2%。

Finally, we have the most diversified rent roll in our sector with our top 10 tenants falling to 6.9% of rents, down 60 basis points from last year. We target geographic and tenant diversity as strategic paths to stabilize earnings regardless of the economic environment. In summary, we're pleased with our results and the increase in prospect activity we're seeing. Converting that activity into signed leases still takes time, but we're pleased to see the growing pipeline.

最後，我們擁有業內最多元化的租金收入，前 10 名租戶的租金佔比降至 6.9%，比去年下降了 60 個基點。我們以地域和租戶多元化為策略目標，力求在各種經濟環境下穩定收益。總而言之，我們對所取得的成果以及潛在客戶活躍度的提升感到滿意。將這些活動轉化為已簽署的租賃合約仍然需要時間，但我們很高興看到專案儲備不斷增長。

In terms of leasing, third quarter improved materially from a slower second quarter in both the number of leases signed and square feet. From another angle, those metrics were also markedly improved versus third-quarter 2024. Similar to last quarter, the market remains somewhat bifurcated, such that we're converting prospects 50,000 square feet and below. Our larger spaces have prospects, and we're cautiously optimistic with improved activity in these spaces.

就租賃而言，第三季較第二季成長放緩的情況有了顯著改善，無論是簽約租賃數量或租賃面積都大幅成長。從另一個角度來看，這些指標與 2024 年第三季相比也有顯著改善。與上個季度類似，市場仍然有些分化，我們主要轉換的是面積在 50,000 平方英尺及以下的潛在客戶。我們較大的空間很有發展前景，我們對這些空間的活動改善持謹慎樂觀態度。

In the meantime, with larger prospects being somewhat deliberate this year, it's impacting us in several ways. First, delaying expansion means the portfolio remains well-leased and is ahead of initial forecast. Our quarterly retention rate rising to almost 80% is an indicator of tenants' cautious nature. On the other hand, our development pipeline is leasing and maintaining projected yields but at a slower pace. This in turn lowered development start projections from earlier in the year.

同時，由於今年一些較大的前景需要刻意規劃，這在許多方面對我們產生了影響。首先，推遲擴張意味著投資組合仍然出租良好，並且領先於最初的預測。我們的季度續租率上升至近 80%，這表明租戶的謹慎態度。另一方面，我們的開發案正在出租並維持預期的收益，但速度較慢。這反過來又降低了年初對開發專案啟動的預測。

And our starts, as we've stated before, are pulled by market demand within our parks. Based on current demand levels, we're reforecasting 2025 starts to $200 million. Longer term, the continued decline in the supply pipeline is promising. Starts were historically low again this quarter. Couple this with the increasing difficulty we're experiencing obtaining zoning and permitting; and as demand increases, supply will require longer than it has historically to catch up.

正如我們之前所說，我們的首發陣容是由我們園區內的市場需求決定的。根據目前的需求水平，我們重新預測 2025 年的開工量將達到 2 億美元。從長遠來看，供應管道的持續下降是一個好兆頭。本季先發數量再次創歷史新低。再加上我們越來越難以獲得分區和許可；隨著需求增加，供應需要比以往更長的時間才能趕上。

This limited availability and new modern facilities will put upward pressure on rents as demand stabilizes. And as demand improves, our goal is to capitalize earlier than our private peers on development opportunities based on the combination of our team's experience and balance sheet strength, existing tenant expansion needs, and the land and permits we have in hand.

隨著需求趨於穩定，有限的房源和新建的現代化設施將對租金構成上行壓力。隨著需求改善，我們的目標是憑藉我們團隊的經驗和資產負債表實力、現有租戶的擴張需求以及我們掌握的土地和許可證，比我們的私營同行更早地抓住發展機會。

From an investment perspective, we're excited to acquire the previously announced properties in Raleigh, North Carolina; new development land in Orlando, where we'll break ground this quarter; and new buildings and land in the fast-growing, supply-constrained Northeast Dallas market.

從投資角度來看，我們很高興能夠收購先前宣布的位於北卡羅來納州羅利市的房產；位於奧蘭多的新開髮用地，我們將在本季度破土動工；以及位於快速增長、供應受限的達拉斯東北部市場的新建築和土地。

Brent will now speak to several topics, including assumptions within our updated 2025 guidance.

接下來，布蘭特原油價格將涉及多個主題，包括我們更新後的 2025 年指引中的假設。

Good morning. Our third-quarter results reflect the terrific execution of our team, the solid overall performance of our operating portfolio, and the continued success of our time-tested strategy. FFO per share for the quarter exceeded the midpoint of our guidance at $2.27 per share, compared to $2.13 for the same quarter last year, an increase of 6.6%. Our outperformance continues to be driven by good fundamentals in our 61 million square foot operating portfolio, which ended the quarter 96.7% leased.

早安.我們第三季的業績反映了我們團隊的出色執行力、我們營運組合的穩健整體表現以及我們久經考驗的策略的持續成功。本季每股 FFO 達到 2.27 美元，超過了我們先前預期的中位數，而去年同期為 2.13 美元，成長了 6.6%。我們6,100萬平方英尺的營運物業組合基本面良好，本季末出租率達到96.7%，這持續推動了我們優異的業績。

From a capital perspective, we took advantage of favorable equity pricing early in the year, which allowed us to enter the quarter with a reserve of outstanding forward shares agreements. During the third quarter, we settled all our outstanding forward shares agreements for gross proceeds of $118 million at an average price of $183 per share.

從資本角度來看，我們利用了年初有利的股票定價，這使我們能夠帶著未結遠期股票協議儲備進入本季度。第三季度，我們結算了所有未決的遠期股票協議，總收益為 1.18 億美元，平均價格為每股 183 美元。

Our guidance for the remainder of the year contemplates that we utilize our credit facilities, which currently have $475 million capacity available and issue $200 million of debt late in the fourth quarter. As we often emphasize, our evaluation of potential capital sources is a fluid and continual process that can result in varying outcomes depending upon market conditions.

我們對今年剩餘時間的指導意見是，我們將利用我們目前有 4.75 億美元可用額度的信貸額度，並在第四季末發行 2 億美元的債務。正如我們經常強調的那樣，我們對潛在資金來源的評估是一個動態的、持續的過程，根據市場情況的不同，可能會產生不同的結果。

Our flexible and strong balance sheet with near-record financial metrics allows us to be patient when evaluating options. Our debt-to-total market capitalization was 14.1%, unadjusted debt-to-EBITDA ratio of 2.9 times, and our interest and fixed charge coverage increased to 17 times. Looking forward, we estimate FFO guidance for the fourth quarter to be in the range of $2.30 to $2.34 per share, and for the year in the range of $8.94 and to $8.98, which represents increases of 7.9% and 7.3% compared to the prior year.

我們靈活且穩健的資產負債表，以及接近歷史最高水準的財務指標，使我們能夠在評估各種方案時保持耐心。我們的債務與總市值之比為 14.1%，未經調整的債務與 EBITDA 比率為 2.9 倍，利息和固定費用保障倍數增加至 17 倍。展望未來，我們預計第四季每股 FFO 為 2.30 美元至 2.34 美元，全年為 8.94 美元至 8.98 美元，分別比上年增長 7.9% 和 7.3%。

Our same-store occupancy for the fourth quarter is projected to be 97%, which would be the highest quarter for the year. As a result, our revised guidance increases the midpoint of our cash same-store growth by 20 basis points to 6.7%. We lowered our average portfolio occupancy by 10 basis points due to the conversion of a few development projects prior to full occupancy.

我們預計第四季同店入住率將達到 97%，這將是全年最高的季度入住率。因此，我們修訂後的業績指引將同店現金銷售額成長的中位數提高了 20 個基點，達到 6.7%。由於一些開發案在完全入住前進行了改建，我們的平均投資組合入住率下降了 10 個基點。

Considering the slower pace of development leasing, we reduced construction starts by $15 million. Our tenant collections remain healthy, and we continue to estimate uncollectible rents to be in the 35- to 40-basis-point range as a percentage of revenues, which is in line with our historic run rate. In closing, we were pleased with our third-quarter results and remain hopefully optimistic that signs of macro uncertainty subsiding and consumer and corporate confidence strengthening setting the stage for next year.

考慮到開發租賃速度放緩，我們減少了 1500 萬美元的開工建設項目。我們的租戶租金收取情況依然良好，我們預計無法收回的租金佔收入的百分比在 35 到 40 個基點之間，這與我們的歷史運作率一致。總而言之，我們對第三季的業績感到滿意，並且仍然樂觀地認為，宏觀經濟不確定性的跡象正在消退，消費者和企業信心正在增強，這將為明年奠定基礎。

Now Marshall will make final comments.

現在馬歇爾將作最後總結發言。

Thanks, Brent. We're pleased with our execution this quarter and year to date, moving us ahead of original expectations. market demand seems to be dusting itself off and beginning to move forward again. Regardless of the environment, our goals are to drive FFO per share growth and raise portfolio quality. If we can do those, we'll continue creating NAV growth for our shareholders.

謝謝你，布倫特。我們對本季和年初至今的業績表現感到滿意，超越了最初的預期。市場需求似乎正在復甦，並開始再次向前發展。無論環境如何，我們的目標都是推動每股FFO成長並提高投資組合品質。如果我們能做到這些，我們將繼續為股東創造淨資產價值成長。

Stepping back from the near term, I like our positioning as our portfolio is benefiting from several long-term positive secular trends, such as population migration, nearshoring and onshoring trends, evolving logistics chains, and historically lower shallow bay market vacancies. We also have a proven management team with a long-term public track record. Our portfolio quality in terms of building and markets improves each quarter. Our balance sheet is stronger than ever. And we're upgrading our diversity in both our tenant base as well as geography.

撇開短期因素，我喜歡我們目前的市場定位，因為我們的投資組合受益於幾個長期的積極趨勢，例如人口遷移、近岸外包和在岸外包趨勢、不斷發展的物流鏈以及歷史上較低的淺水灣市場空置率。我們也擁有一支經驗豐富的管理團隊，在公共領域擁有長期業績記錄。從建築和市場角度來看，我們的投資組合品質每季都在提高。我們的資產負債表比以往任何時候都更加穩健。我們正在提升租戶群體和地理分佈的多樣性。

We'd now like to open up the call for any questions.

現在我們開放提問環節。

Thank you, sir. (Operator Instructions) Samir Khanal, Bank of America.

謝謝您，先生。（操作員說明）薩米爾·卡納爾，美國銀行。

Thank you and good morning, everybody. Hey, Marshall, thank you for your commentary. I guess maybe expand on leasing a little bit, kind of the color that you provided, especially as it relates to the development pipeline. I know you've got rural Houston, other projects in Texas. You also said the conversion assigned leases are taking longer for those bigger sort of boxes there. So maybe talk around, maybe expand on your comments a little bit and maybe what these prospects need to see to get to the finish line. Thanks.

謝謝大家，大家早安。嘿，馬歇爾，謝謝你的評論。我想或許可以稍微擴展一下租賃方面的內容，就像你提供的那樣，特別是與開發流程相關的部分。我知道你在休士頓郊區有項目，在德州還有其他項目。您還提到，對於那些較大的機房來說，轉換租賃合約所需的時間更長。所以，不妨多聊聊，稍微展開說說你的看法，以及這些潛在買家需要看到什麼才能最終達成目標。謝謝。

Okay. Hey, good morning, Samir. Good question. I'll try to cover it. I think I would say a couple of things. One, we're certainly more encouraged. The tenor of those conversations is kind of each month gotten better, maybe starting in May, which really was May was when we felt kind of the tariff impact through today. So better than, say, when we were -- I got asked that question earlier in the week when we were at your conference in September, for example.

好的。嘿，早上好，薩米爾。問得好。我會盡量報道。我想說幾點。第一，我們當然受到了更大的鼓舞。這些對話的基調每個月都在好轉，可能是從五月開始的，五月我們確實感受到了關稅的影響，一直持續到今天。所以情況比以前好多了——比如，就在本週早些時候，我們在九月參加你們的會議時，有人問過我這個問題。

In our portfolio, and maybe we're a little unique in that so much of our -- about a third of our development leasing is existing tenant expansion and movement within a park. So we've seen, and you've seen it in our numbers, our retention rate, especially in third quarter, ran pretty high at almost 80%. So the portfolio is benefiting. Our same store numbers are benefiting. And then on the flip side of that, and we've hit the slow button on our development pipeline or starts, a few times, kind of each quarter, bringing it down.

在我們的投資組合中，或許我們有點獨特，因為我們大約三分之一的開發租賃都是現有租戶在園區內的擴張和搬遷。所以我們已經看到，你們也從我們的數據中看到了，我們的客戶留存率，尤其是在第三季度，非常高，接近 80%。因此，該投資組合從中受益。我們的同店銷售額也從中受益。另一方面，我們每季都會幾次按下開發流程或啟動的“慢速按鈕”，導致開發進度放緩。

And we do have more prospects than we've had as the years played out. It's getting them -- and I don't know. I was hoping we have one interest rate cut. According to your economist, we'll get another one coming, at least the emails I'm seeing this morning and things like that. So hopefully that, maybe a little bit of ceasefire in the Middle East, things like whatever it takes to get business sentiment a little bit better. And I would say it is. I think people got beyond the shock factor.

而且，與過去幾年相比，我們現在擁有了更多前景。它正在控制它們——但我不知道。我原本希望利率能調低一次。根據你們經濟學家的說法，我們還會收到另一份報告，至少我今天早上看到的郵件和類似的東西是這麼說的。所以，希望中東能實現一點停火，諸如此類的措施能稍微提升一下商業信心。我覺得確實如此。我認為人們已經從震驚中緩過來了。

But look, we know our task at hand, which is to lease these development projects, the ones that are in lease-up when we finish the construction, and the ones that have transferred over. So we're not assuming any spec leasing in the balance of the year budget, so I'm hoping there's potentially upside there.

但是，我們知道我們眼前的任務，那就是出租這些開發項目，包括我們完成建設時正在招租的項目和已經移交的項目。因此，我們預計今年剩餘預算中不會有任何投機性租賃，所以我希望這方面會有潛在的成長空間。

We're running out of time this year, we also build out spec suites in our vacancies. So if someone needs to move quickly, which they often do in these smaller spaces, we're able to accommodate that. So things are better, but it's been an odd year that you send out leases and they haven't always come back. I remember that more. That's been more eventful this year than it's been in the prior five years.

今年時間緊迫，我們還要為空置的房產建造樣板套房。所以如果有人需要快速移動（在這些較小的空間裡，這種情況經常發生），我們能夠滿足他們的需求。所以情況有所好轉，但今年很奇怪，你發出租約，他們並不總是會回覆。我記得更清楚。今年發生的事情比過去五年都要多。

Thank you.

謝謝。

Sure.

當然。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Great. Thanks. Good morning. Following up on development, can you just talk about how construction costs have trended more recently and whether that's been a constraint on starting more projects? And kind of related to that, where do you think market rents are relative to rents that would generate acceptable yields for you guys on those development projects?

偉大的。謝謝。早安.關於專案進展，您能否談談近期的建築成本趨勢，以及這是否限制了更多專案的啟動？還有一點相關的是，您認為目前的市場租金與能為您們的開發案帶來可接受收益的租金相比，處於什麼水準？

Good morning, Blaine. We've seen construction pricing come down. Really with a lot of it is we've been watching with everything going. We've not had labor issues. And usually what our construction teams will say is that we get pricing, it may be a little high, but once they realize you're really serious that that's come down maybe 10% to 12%. Because people are so hungry for projects, given just the lack of -- outside of data centers, no other sectors are really going as quickly. And I guess thinking of data centers, we do.

早安，布萊恩。我們看到建築價格下降。實際上，我們一直密切關注事態發展。我們沒有遇到勞工問題。通常我們的施工團隊會說，我們給的報價可能有點高，但一旦他們意識到你是認真的，價格可能會下降 10% 到 12%。因為人們對專案非常渴望，除了資料中心之外，其他產業的發展速度並沒有那麼快。我想，從資料中心的角度來看，我們的確如此。

Getting transformers and the electrical equipment is challenging, so we can get those, but there's a lot of demand and a long lead time. So the land we acquired this quarter, we'll usually underwrite it on today's rents, not forecasting any growth. I hope it grows, but we're not forecasting that, and today's construction pricing. And everything's still kind of penciling out into the seven or low sevens.

購買變壓器和電氣設備很困難，雖然我們可以購買這些設備，但是需求量很大，交貨週期很長。因此，對於我們本季收購的土地，我們通常會根據目前的租金進行評估，而不預測任何成長。我希望它能成長，但我們並沒有對此進行預測，而且目前的建築價格也存在問題。一切最後都大致落在了七點或七點出頭。

It's not easy to find the land. The permitting and zoning on these infill sites gets harder and harder, but we're pleasantly pleased with how that's going. It's not construction costs that have slowed us down, so much as demand, which was really strong in fourth quarter a year ago and first quarter.

要找到這塊地並不容易。這些填充地塊的許可證和分區越來越難，但我們對目前的進展感到欣慰。拖慢我們進度的與其說是建築成本，不如說是需求。去年第四季和今年第一季的需求都非常強勁。

Slowing in second quarter, it picked up. In third quarter, we got more leases and more square footage than we did in second quarter or third quarter last year, so we're pleased with that. We just need to keep that momentum and get our look at our potential revenues. Get leased up what we've already spent the capital on, and we'll -- look, it's more fun to go as fast as the market tells you to go. But this year, we're trying to go as slow as the market tells us to go as well.

第二節增速放緩，之後又有所回升。第三季度，我們的租賃數量和租賃面積都比去年第二季或第三季多，對此我們感到滿意。我們只需要保持這種勢頭，看看我們的潛在收入是多少。把我們已經投入資金的房產全部出租出去，然後——你看，按照市場指示的速度前進更有樂趣。但今年，我們也盡量以市場指示的速度放緩步伐。

Great. Thank you, Marshall.

偉大的。謝謝你，馬歇爾。

You're welcome.

不客氣。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Hey, guys. Not to dwell on the development pipeline, but the incremental leasing there was pretty muted quarter over quarter. I saw you did get some leasing done at Dominguez, but you also kind of pushed out the stabilization date there. But I guess my bigger question here is you talked about sending leases out but not hearing back.

嘿，夥計們。不宜過度關注開發項目，但該地區的租賃成長季度環比相當平淡。我看到你在多明格斯那邊確實完成了一些租賃工作，但你也把那裡的穩定日期推遲了。但我更想問的是，你之前提到發出租賃合約但沒有收到回覆。

I mean, if you look at the availability in the development pipeline, how much of that availability has active prospects on it versus just quieter from a tours and interest perspective? And is there -- is it rent-related, where you can toggle that up or down, or concessions? Or is it just if people don't want to make a decision because of concerns, the other pricing stuff doesn't matter as much?

我的意思是，如果你看一下正在開發的項目，其中有多少項目有活躍的潛在買家，又有多少項目只是在參觀和興趣方面比較冷清？租金方面是否有調整空間，例如可以提高或降低租金，或是否有優惠？或者說，如果人們因為種種顧慮而不願意做出決定，那麼其他價格因素就沒那麼重要了？

Hey, Craig. Good morning. I would say during the quarter, kind of since the last call, we ended up with about -- your total, I wish it was a bigger number, about six leases -- roughly 215,000 square feet. I guess being more specific, at least on Dominguez, oddly enough, we sent out five leases on that space, and the fifth one's the one that came back. And so as we threw out a bigger net, we said we'd subdivide the building or even consider a sell, which we haven't ruled out that, although we've gotten part of it leased.

嘿，克雷格。早安.我想說，在本季度，也就是自上次電話會議以來，我們最終完成了大約——總共，我希望這個數字更大一些，大約六份租賃合約——大約 215,000 平方英尺。更具體地說，至少在多明格斯街，奇怪的是，我們發出了五份租賃合同，而第五份合約卻收到了回應。因此，當我們擴大招募範圍時，我們表示會將大樓分割出售，甚至考慮出售，我們還沒有排除這種可能性，儘管我們已經出租了其中的一部分。

And in subdividing the building, we're adding an office component on the other end of the building. So that's what we decided. Again, trying to -- rather than lease it as one 260 that we would break the building up. So it's delayed the delivery, adding a few thousand more feet of office in LA.

在對建築物進行分割時，我們將在建築物的另一端增加一個辦公室部分。所以我們決定這麼做。再次嘗試——與其將其作為一個整體出租，不如將這棟建築拆分出租。因此，交付被推遲了，在洛杉磯又增加了數千平方英尺的辦公空間。

And kind of broadly speaking, the other thing within our development numbers, and I don't remember us doing this, we got a 97,000-foot development lease signed for full building in Texas. And within a week, and they had a broker, an attorney, they reached back out to us to tell us they've changed their mind.

總的來說，在我們的開發數據中還有另一件事，我不記得我們做過這件事，我們在德克薩斯州簽署了一份 97,000 平方英尺的整棟建築開發租賃協議。不到一周，他們就找了經紀人和律師，然後聯絡我們說他們改變主意了。

So it's been a little bit of a maddening year in terms of leases sent out that didn't come back, or in this case, a signed lease that someone -- and we're working through the termination and some things like that, but -- and that's not in our account, so I'm leaving that lease. Even though it was a signed lease, we pulled that one back out now. I don't think they're going to occupy.

所以，就發出的租賃合約而言，今年有點令人惱火，因為有些合約沒有收到回复，或者像這種情況，有人簽署了租賃合約——我們正在處理終止合約等一些事情，但是——這筆交易不在我們的帳戶裡，所以我決定放棄這份租賃合約。雖然已經簽了租約，但我們現在又把它撤回了。我不認為他們會佔領。

So that's odd or atypical for most years. And in terms of kind of looking at our development schedule, I'd say about everything has some degree of activity. We need to get it signed. I'm trying to think -- and some of these are odd, where to me it hits me like I'm looking at the list, Horizon West 5, where it's probably our seventh building in a park, same architect, same broker.

所以，這種情況在大多數年份都比較少見。就我們的開發進度而言，我認為幾乎所有專案都處於某種程度的推進狀態。我們需要把它簽下來。我正在努力思考——其中一些很奇怪，對我來說，看著這個列表，比如 Horizo​​​​n West 5，這可能是我們在園區裡的第七棟樓了，同一個建築師，同一個經紀人。

But that building's a little bit slower than we'd like, although we've got activity, and Orlando's a good market. That's just -- it tells me where the market is, where it's the seventh, eighth building in a park, which usually goes faster than the first buildings in a park. But they're taking a little bit longer. So we have activity. The other thing I'll say, and I'll say it carefully, we have, in the last 30 days, more large tenant, more kind of pre-lease, again, given that lack of supply activity.

但是那棟大樓的建設進度比我們預期的要慢一些，儘管我們已經有一些進展，而且奧蘭多是一個不錯的市場。那隻是——它告訴我市場在哪裡，它通常是園區裡的第七棟、第八棟建築，而這些建築的銷售速度通常比園區裡的第一棟建築更快。但他們需要的時間稍微長一點。所以我們有活動。還有一點我要說，而且我會謹慎地說，在過去的 30 天裡，我們有更多的大租戶，更多的預租，這再次反映了供應不足的情況。

92% of our revenue is from tenants under 200,000 feet, and we have several deals. They'll take a few quarters that we're working on with tenants and/or prospects that would materially move that number where we would be building up a non-shallow bay building, that they're out, that they like our land, or they're existing tenants who need to expand.

我們 92% 的收入來自面積小於 20 萬平方英尺的租戶，我們還有幾筆交易。他們會花幾個季度的時間，與租戶和/或潛在租戶合作，這將實質地推動我們建造非淺灣建築的數量，他們退出，他們喜歡我們的土地，或者他們是需要擴張的現有租戶。

So that's promising and I'm hopeful, but I'd rather show you those. But the good news is there's more in the pipeline, and about every building has a certain amount of activity. It's just where things shook out between third quarter through today's call. So we just -- we know. We've got our officer meeting next week. We're all getting together, and we know our task at hand, which is to get, sign space, collect rent..

所以這很有希望，我也很樂觀，但我更想給你們看那些。但好消息是，還有更多項目正在籌備中，幾乎每棟建築都有一定的施工活動。這只是從第三季到今天電話會議期間事情的最終結果。所以我們就——我們知道了。我們下週要開幹部會議。我們齊聚一堂，都知道我們眼下的任務，那就是找到合適的場地，簽署租賃協議，收取租金。

Nick Thillman, Baird. Please go ahead.

Nick Thillman，Baird。請繼續。

Hey, good morning. Marshall, you kind of commented on the overall operating portfolio, and the leasing volume you have there. As you're kind of looking at the expiration schedule for next year, rents are a little bit lower here. As we look at the mix, it's pretty much in line with your exposures. Could we see another kind of just overall strong year in spreads here in the mid-30s for a gap, just kind of looking at the mix and what you guys have been seeing on that activity level?

嘿，早安。馬歇爾，你剛才對整體營運組合以及你們的租賃量發表了一些評論。考慮到明年的租約到期情況，這裡的租金稍微低一些。從照片的混合比例來看，它與你的曝光量基本一致。我們能否看到今年利差整體強勁，達到 30 倍左右，形成一個缺口？這主要是從市場組合以及你們觀察到的交易活躍程度來看的。

Good morning, Nick. Yes, I believe we'll -- a couple of things. Third quarter was a little lower. One difference -- and again, maybe offline, welcome for feedback. We're a little bit of an oddity in the industrial REITs in that we report re-leasing spreads on leases that got signed during the quarter, where most of our peers report on what commenced. So our numbers, we like -- I think, trying to be investor-friendly, it's a little more real time than what may have gotten signed a few quarters ago but commenced in third quarter.

早安，尼克。是的，我相信我們會—有幾件事。第三季略有下降。有一點不同——而且，也許線下情況有所不同，歡迎大家提出回饋意見。我們在工業房地產投資信託基金中有點特立獨行，因為我們報告的是季度內簽署的租賃合約的續租價差，而我們的大多數同業報告的是新簽訂的租賃合約的價差。所以，我們的數字，我們喜歡——我認為，為了對投資者友好，它比幾個季度前簽署但第三季才開始實施的項目更具即時性。

And then really focusing on your question, I think we could kind of maintain those third-quarter levels, certainly next year, end of next year, where I keep waiting. And I know one of our peers made the comment, this is the best setup they've seen in 40 years. I haven't done this 40 years. I've done it a long time. I'm not that level, but I really like the low supply. I saw the deliveries in third quarter nationally were the lowest level since first quarter of 2018. So it's hard to get inventory built and becoming harder, and there's not much of it out there in the shallow bay.

然後，真正聚焦於你的問題，我認為我們能夠保持第三季的水平，當然，明年年底肯定能保持住，我一直在等待這個時間點。我知道我們的一位同行評論說，這是他40年來見過的最好的配置。我已經40年沒做過這件事了。我做這件事很久了。我還沒達到那個水平，但我真的很喜歡低供應量。我看到第三季全國的交付量是自 2018 年第一季以來的最低水準。因此，建立庫存很困難，而且越來越難，淺灣也沒有太多庫存。

Look, I think we have embedded growth. I think it'll level out. And then I think when demand turns, it won't take much because there's about 4% vacancy in our markets in shallow bay. And there'll be a flight to quality as people expand, too. So I think we'll have another leg up in rents. I think if things stayed where they were, we could keep at that level. But I'm hopeful between maybe now and the end of next year that there's -- in a midterm election year, maybe the headlines will be a little bit less.

你看，我認為我們已經實現了內在成長。我認為情況會趨於穩定。我認為，一旦需求轉變，就不會需要太多的改變，因為淺灣地區的市場空置率約為 4%。隨著人們的擴張，也會出現追求高品質生活的趨勢。所以我認為租金還會再漲一段時間。我認為如果一切維持現狀，我們就能維持目前的水準。但我希望從現在到明年年底——中期選舉年——這類新聞報道能少一些。

When things turn, they surprise me how quickly they turned at the end of last year and into first quarter. It's gotten to where the headline risk has more impact than probably I thought it would, looking back at the headline in fourth quarter, the headlines in April. And maybe next year if we can avoid some headlines, I think you could have kind of a rent squeeze. Someone used the quote, there's a cost to waiting on leases and things like that in our peer group. I'm not sure we're there exactly yet, but I could easily see that coming. And again, I'm better at calling things in hindsight than forecasting, I'll admit.

事情的發展總是讓我感到驚訝，尤其是在去年年底到今年第一季度，情況轉變之快令人震驚。回顧第四季和四月的新聞頭條，新聞頭條的風險已經發展到比我預想的還要大的程度。也許明年，如果我們能避免一些負面新聞，我想租金可能會下降。有人引用了這句話：在我們這個同行群體中，等待租約之類的事情是有代價的。我不太確定我們是否已經完全達到那個階段，但我很容易預見那一天的到來。我承認，我更擅長事後判斷而不是預測。

Very helpful. Thank you.

很有幫助。謝謝。

You're welcome.

不客氣。

Connor Mitchell, Piper Sandler.

康納米切爾，派珀桑德勒。

Hey, good morning. Thanks for taking my question. I appreciate all the commentary so far. And Marshall, you've given a couple of specific examples on some of your markets, but just wondering if you can kind of provide a bigger picture or even drill down a little bit on just kind of what you're seeing for the regional breakouts, whether it's Texas, Florida, California, some of the other markets, where you're seeing some more of the strengths in those markets or weaknesses in those markets for the retention rate that you mentioned, but then also adding some new tenants into the pipeline as well. Just kind of get a feel for how you're thinking about each of the markets and almost like a ranking of them in a sense.

嘿，早安。謝謝您回答我的問題。感謝大家目前為止的所有評論。馬歇爾，您已經舉了一些關於您負責市場的具體例子，但我想知道您能否提供一個更宏觀的視角，或者更深入地分析一下您在區域細分方面看到的情況，無論是德克薩斯州、佛羅裡達州、加利福尼亞州還是其他一些市場，您在這些市場中看到了哪些優勢或劣勢，例如您提到的留存率，以及在新增租戶方面的情況。只是想了解你對每個市場的看法，並在某種程度上對它們進行排名。

Sure. I guess -- hey, Connor, good morning. I would say the eastern region with a broad brush has been the strongest region or had the strength kind of from mid-year on. Florida's been, broadly speaking, a good, really strong market there. I wish we were bigger in Nashville, but that's a really good market. And you've seen us growing in Raleigh. We like that market a lot.

當然。我想——嘿，康納，早安。總的來說，我認為東部地區一直是實力最強的地區，或者說從年中開始就一直保持著這種實力。總的來說，佛羅裡達州一直是個相當不錯、非常強勁的市場。我希望我們在納許維爾的業務能更大一些，但那確實是一個非常好的市場。您也看到了我們在羅利的發展壯大。我們非常喜歡那個市場。

Texas, generally, we like Dallas. You saw us acquiring more land there. At the moment, we've got too many buildings and too many tenants, but I'll thank our Texas team. We're 100% leased in Dallas, so we need expansion space, that land for tenants to expand. So we're happy there. The other market, I'll compliment our team in Arizona. There's a lot of vacancy in the Arizona market. There was a lot of supply that came in, but we're 100% in Phoenix, 100% in Tucson, and have been able to push rents in our development leasings there. So those would be on the good side.

總的來說，我們喜歡德克薩斯州的達拉斯。你看到了我們在那裡購置了更多土地。目前，我們的樓宇和租戶都太多了，但我還是要感謝我們的德州團隊。我們在達拉斯的租賃率已達 100%，因此我們需要擴張空間，也就是供租戶擴張的土地。所以我們對那裡很滿意。至於另一個市場，我會讚揚我們在亞利桑那州的球隊。亞利桑那州的房地產市場有很多空缺。雖然有很多房源湧入，但我們 100% 的業務都在鳳凰城，100% 的業務都在圖森，並且已經能夠提高我們在那裡的開發租賃項目的租金。所以這些都算是有利的。

A little bit of a beat the same drum. The California markets are still slower than our other markets, really, with LA. The Inland Empire had positive net absorption, but LA has had, I think it's 11 consecutive quarters of negative absorption. So I'd love to have just a flat quarter in the city of LA, a little over 1 million square feet negative in the third quarter. I thought they would turn. I'm glad we got the activity we did on Dominguez and got that signed.

有點老調重彈了。加州市場，尤其是洛杉磯市場，仍然比我們其他市場慢。內陸帝國實現了正的淨吸收量，但洛杉磯卻連續 11 個季度出現負吸收量。所以，我希望在洛杉磯市擁有一個平坦的季度，第三季度虧損略超過 100 萬平方英尺。我以為他們會改變主意。我很高興我們完成了在多明哥斯的活動並簽署了相關文件。

And then Denver's another market that's been a little bit slower for us. We're not all that big in Denver. But those, if you said, what are the markets where you're kind of thinking a little more? Denver's been a little bit slower for us on our development leasing there than we'd like, and California has been a tough market for 18 months or longer.

丹佛市場對我們來說發展速度稍慢一些。我們在丹佛並不算特別有名。但如果你問，你更關注哪些市場呢？我們在丹佛的開發租賃進展比我們預期的要慢一些，而加州市場在過去 18 個月或更長時間內一直都很艱難。

I appreciate all the color. Thank you.

我喜歡這些色彩。謝謝。

You're welcome.

不客氣。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Hey, thanks. Good morning. So back to the re-leasing spreads, the 22% cash-based number for the third quarter, let's just say, hypothetically, that this deliberate tenant thing continues for whatever reason. And it's two years from now, and we're still sort of on a treadmill-ish type of thing. How much time do you have for that 22% to sort of close in on a fairly pedestrian single-digit-type number? I mean, how much more bites to the apple do you have, do you think, before you need to start to see activity really start to ramp so that the direction starts to reverse again?

嘿，謝謝。早安.所以回到重新租賃價差，第三季的現金租賃價差為 22%，假設這種刻意吸引租戶的做法出於某種原因繼續下去。兩年過去了，我們仍然像在跑步機上一樣原地踏步。你還有多少時間讓這 22% 的漲幅接近一個相當普通的個位數數字？我的意思是，你覺得在活動真正開始加速，以至於方向再次開始逆轉之前，你還能吃多少口蘋果？

Hey, Rich. Good morning. I'll take a stab at it and let Brent add color. I think the -- one, I think I've kitted -- I don't remember much about Econ 101, but when I just look at supply -- and it wouldn't take much demand to kind of tilt the rents. But hearing your question, if we stayed steady state, we -- typically, next year I think we've got 14%, doing this from memory from our supplement, rolling. And so it would take several years before we could address those leases.

嘿，里奇。早安.我先試著寫一下，然後讓布倫特來補充細節。我認為──那一個，我想我已經準備好了──我對經濟學101的知識記不太清了，但是當我只看供給──只需要一點點需求就能使租金發生傾斜。但聽了你的問題，如果我們保持穩定狀態，我們——通常情況下，我認為明年我們會有 14% 的增長，這是我根據補充資料憑記憶說的，持續增長。因此，我們需要幾年時間才能處理這些租賃問題。

Again, the later -- the latter you got into that, what, that'd be seven years. But some of those, there's a number of leases pending the term of that lease that just got signed in the last couple. So there's probably not maybe 20% rent growth in there, but it would take a while. I guess when the market's good, it takes us a while to get to that embedded growth.

再說，後者──你後來陷入那種境地，那得花七年時間。但其中一些，還有一些租約正在等待到期，這些租約是最近幾個月才簽署的。所以租金可能不會上漲 20%，但這需要一段時間。我想，當市場行情好的時候，我們需要一段時間才能達到那種內在的成長。

And as the air goes out of the balloon, which may be kind of your question, it will take a while for the air to go out of the balloon with kind of most of our leases are somewhere between 3 to 10 years. So it would take a while for us to move all those to market. And yes, so if that happened, that's how it would play out. I can't imagine the market seems to net for better or worse, never stays flat like that.

隨著氣球內的空氣逐漸逸出（這可能是你的問題所在），氣球內的空氣需要一段時間才能完全逸出，而我們的大部分租賃期限都在 3 到 10 年之間。所以我們需要一段時間才能把所有這些產品推向市場。是的，如果這種情況發生，結果就會是這樣。我無法想像市場會朝著好或壞的方向發展，它永遠不會一直保持穩定。

Yes, I would agree, Rich. Hey, this is Brent. Yes, I mean, when you're rolling 15% to 20%, of course, you can do the math and figure out when you start having flat and how long in terms of rental rates. You could say four to five years and how far are you into that already. But -- and again, I know that's a hypothetical, but it feels much stronger than that with supply.

是的，我同意，里奇。嗨，我是布倫特。是的，我的意思是，當你的收益率達到 15% 到 20% 時，當然你可以計算一下，看看什麼時候租金開始趨於平穩，以及平穩持續多久。你可以說四到五年，然後看看你現在已經做到哪一步了。但是——我知道這只是假設，但感覺供應方面的情況要嚴重得多。

Supply -- really, in my career and time, seeing supply get this tight really kind of excites me. Because it wouldn't take much shift in sentiment and some execution for, I think, the markets and development starts and those type things to turn very quickly, much quickly -- more quickly than I think people are thinking.

供應——說真的，在我職業生涯和這段時間裡，看到供應如此緊張真的讓我感到興奮。因為我認為，只要市場情緒稍有轉變，再加上一些執行措施，市場和開發項目以及這類事情就會迅速轉變，速度之快遠超人們的想像。

Again, along those lines, the question of rents and does that impact construction starts, I think the good news there when you think of this as a four-legged stool, and the cost side, as Marshall said, decreasing generally, rents have been very sticky. Because talking about the third leg, supply is very tight. It really comes down to that left leg being demand. And as we've talked about, there's interested parties there. There's demand there. We're getting leases signed and certainly getting very acceptable yields.

同樣，關於租金問題以及租金是否會影響建築開工，我認為好消息是，如果你把這看作一個四腳凳，成本方面，正如馬歇爾所說，總體上在下降，但租金卻一直很穩定。因為說到第三階段，供應非常緊張。歸根究底，關鍵在於左腿的需求。正如我們之前討論過的，那裡有利益相關方。那裡有需求。我們正在簽訂租賃合同，而且收益率也相當可觀。

It's not a function of cutting rates or trying to increase activity that way. It's just strictly confidence gaining to the point where they're pulling the trigger and then we can move that conveyor belt of new starts along a little more quickly. But yes, back to your question, how long would it take? I think we would still be a number of years out, but I don't feel like the table's set for that to play out. Certainly hope we're not on that treadmill you referred to there, Rich.

這不是降低利率或試圖透過這種方式增加活動就能解決的問題。這只是建立信心的過程，直到他們最終下定決心，然後我們就可以更快地推進新專案的啟動。是的，回到你的問題，需要多長時間？我認為還需要幾年時間，但我感覺現在的情況還不成熟，這種情況不會發生。里奇，我當然希望我們不要陷入你剛才提到的那種困境。

Yes, okay, agreed. A second question, while you guys are kind of a consumption-oriented story, not so much a supplier-manufacturer story, do you agree, though, that with everything that's happened during the pandemic in terms of simplifying supply chains and now with tariffs, with one result possibly being more in the way of manufacturing, onshoring, is that the leading sort of dynamic to help industrial overall get out of this, the current sort of lackluster situation? Does manufacturing lead it, followed by consumption? Is that your way of thinking about it, or do we have that kind of completely wrong?

好的，同意。第二個問題，雖然你們的故事更側重於消費，而不是供應商和製造商，但你們是否同意，在疫情期間，供應鏈得到簡化，以及現在的關稅政策，其結果之一可能是製造業更多地回流到國內，這是否是幫助整個工業擺脫目前這種低迷局面的主要動力？製造業領先，消費業隨後？你是這樣想的嗎？還是我們完全理解錯了？

Hey, Richard, it's Marshall again. You may be right. And one, the consumer is certainly -- our strategy has been to always be how close can we get to a growing number of higher-disposable-income consumers. But that said, the consumers carried the economy a long time. I don't know how much upside there is. Hopefully, the economy gets better and they continue to push the economy.

嘿，理查德，我是馬歇爾。你說的或許有道理。而第一，消費者當然也是──我們的策略一直是盡可能地接近越來越多的高收入可支配消費者。但話說回來，消費者在很長一段時間裡都是經濟的支柱。我不知道還有多少上漲空間。希望經濟情勢好轉，他們能夠繼續推動經濟發展。

You're right, though. That new source of demand is, I think, through our portfolio. And especially kind of our markets, we are seeing the manufacturing companies in the relocations, a lot into Texas. And we don't -- you're right, that could -- that will be a driver in that we don't have -- we have a number of Tesla suppliers in Austin and in San Antonio, the new chip plant within Intel's building in Phoenix. We have -- we actually have Intel related to construction there, a supplier to Intel. Same thing with the Texas Instruments plant, as I'm kind of thinking out loud, in Northeast Dallas. We have a supplier there.

你說得對。我認為，這種新的需求來源是透過我們的投資組合來實現的。尤其是在我們的市場中，我們看到很多製造企業正在搬遷，其中許多都搬到了德克薩斯州。我們沒有——你說得對，這可能會——這將是一個驅動因素，因為我們沒有——我們在奧斯汀和聖安東尼奧有很多特斯拉供應商，在鳳凰城英特爾大樓內有一家新的晶片工廠。我們——實際上，我們在那裡有與英特爾相關的建築項目，我們是英特爾的供應商。德州儀器位於達拉斯東北部的工廠也是一樣，我只是隨便想想。我們在那裡有供應商。

So we do pick up a lot of suppliers. And as those plants get built, it's -- I guess my hesitancy in putting consumer ahead of -- or manufacturing ahead of consumer, I think it -- I think you said, and maybe our children's children, they really get the benefit of that. But we're certainly seeing on-shoring and near-shoring. We're having those type conversations in Arizona as well of we need more light manufacturing space. We've got relocations from California-type discussions going on and things like that.

所以我們確實選擇了很多供應商。隨著這些工廠的建成，我想，我之所以猶豫是否要將消費者置於——或者說將製造業置於消費者之上，我想——我想你說過，也許我們的子孫後代，他們真的會從中受益。但我們確實看到了本土化和近岸化趨勢。我們在亞利桑那州也在進行類似的討論，探討我們是否需要更多的輕工業製造空間。我們正在討論從加州搬遷之類的事宜。

So I'd like to think of kind of like e-commerce. It was a new additional tenant within our portfolio. We were already pretty full, but we've seen a pick with e-commerce. It was one more demand source. And I think now, you're right. We're seeing it for supplier source for these big plants, and a lot of them are getting built in the Carolinas and in Texas and Arizona and markets like that. They probably have an outsized market share.

所以，我想把它想像成類似電子商務的東西。這是我們投資組合中新增的一家租戶。我們原本就已經很忙了，但隨著電子商務的興起，我們看到了回升的跡象。這又增加了一個需求來源。我現在覺得你是對的。我們看到，這些大型工廠的供應商來源正在發生變化，而且許多工廠都建在卡羅來納州、德克薩斯州、亞利桑那州以及類似的市場上。它們的市場佔有率可能過大。

Great color. Thanks, Marshall. Thanks, Brent.

顏色很棒。謝謝你，馬歇爾。謝謝你，布倫特。

You're welcome.

不客氣。

Jon Petersen, Jefferies.

Jon Petersen，傑富瑞集團。

Great. Thank you. Good morning, guys. So I actually wanted to ask, is there any change or can you give us the level of bad debt in the quarter and then related -- any change in the tenant watch list?

偉大的。謝謝。各位早安。所以我想問的是，本季的壞帳水準是否有任何變化？或者您能否提供相關數據—租戶觀察名單是否有任何變化？

Yes, good morning, Jon. The bad debt continues to be thankfully a non-factor. We're still in that 30% range or something like that. And really, the last two quarters have been at a run rate about half of the prior five quarters. And again, it tends to be contained amongst just a small number of tenants.

是的，早上好，喬恩。值得慶幸的是，壞帳仍然不是一個重要因素。我們仍然維持在30%左右的水準。事實上，過去兩個季度的運行速度大約只有前五個季度的一半。而且，這種情況往往只限於少數租戶之間。

Our watch list has been very consistent this year in terms of the number of tenants. Nothing really growing there, so that has felt good and testament to the portfolio and the credit and the groups, the tenants we have in place. But yes, we're still seeing that 30% or so, 30, 35 basis points relative to total revenue as being pretty consistent here over the last couple quarters.

今年，我們的觀察名單上的租戶數量一直非常穩定。那裡並沒有什麼真正的成長，所以感覺很好，這證明了我們的投資組合、信用、集團以及我們現有的租戶。是的，我們仍然看到，相對於總收入而言，30%左右、35個基點的比例在過去幾個季度一直相當穩定。

Okay. All right. That's helpful. And then as we're seeing interest rates come down to 10 years, just a touch below 4% right now, you guys have allowed your debt levels to come down. You've leaned more on equity. I guess, what's the right interest rate where we would expect your leverage levels to kind of start to tick back up to your long-term targets?

好的。好的。那很有幫助。隨著 10 年期利率降至略低於 4%，你們也降低了債務水準。你比較傾向股權融資。我想，在什麼利率水準下，我們才能預期您的槓桿水準開始逐步回升至您的長期目標？

Well, I think that's a component of a few things. I mean, it would be the interest rate, but relative to, say, what's our equity opportunity and what are other opportunities. So we're constantly weighing those out. And yes, in the guidance, we showed bumping some capital proceeds, which was -- and I think I said in my prepared remarks, we're looking here in the fourth quarter doing $200 million, $250 million maybe in the way of an unsecured term loan. I think that could price in the low 4% -- 3.4%, 4% type range, which we view as very attractive.

嗯，我認為這是幾個因素共同作用的結果。我的意思是，利率固然重要，但相對於我們的股權投資機會和其他投資機會而言，利率又該如何衡量呢？所以我們一直在權衡這些因素。是的，在業績指引中，我們展示了增加一些資本收益，正如我在準備好的發言稿中所說，我們預計在第四季度可能會以無擔保定期貸款的形式籌集 2 億美元至 2.5 億美元。我認為價格可能會在 4% 到 3.4%、4% 的範圍內，我們認為這非常有吸引力。

I was just backing up for a moment. The 2.5, 3 years we're into these higher interest rates now. We take a lot of pride that we haven't -- not that there would be anything wrong with it, but we haven't issued debt even with a five handle at this point, and yet we've continued to fund our growth. And we've, as you point out, delevered the balance sheet now to a 2.9 times debt to EBITDA. So very, very low. We have a lot of dry powder there.

我只是往後退了一會兒。我們已經經歷了2.5到3年的高利率時期了。我們非常自豪的是，我們至今為止還沒有發行過債務——倒不是說發行債務有什麼錯，而是即便到了現在，我們還沒有發行過債務，儘管我們目前的財務狀況已經非常糟糕，但我們仍然能夠持續為我們的增長提供資金。正如您所指出的，我們現在已經降低了資產負債率，債務與 EBITDA 比率為 2.9 倍。非常非常低。我們那裡有很多乾粉。

So I think you're going to see it in the fourth quarter begin to dip into that. We continually are monitoring public bonds, the public debt markets. Certainly at some point in the future, whether it's near term, long term, whatever it is, we'll be there. But you weigh all that. You weigh your equity, cost of equity, and the balance of that, where you are. And so it's all kind of a fluid, moving situation.

所以我認為你會看到第四季這種情況開始出現下滑。我們會持續關注公債和公共債務市場。當然，在未來的某個時候，無論是近期、長期或其他任何時間，我們都會在那裡。但你要權衡所有這些因素。你要權衡你的權益、權益成本以及兩者之間的平衡，看看你現在的位置。所以，這一切都處於一種流動、變化的狀態。

The other thing I would point out, Jon, is that over time, the revolver balance or the revolver rate now, though it's variable, it's much more tied a little more to how the Fed fund rate moves. And that's now moved into like a 4.7-ish sort of range. We'll probably begin to keep a little bit of balance on our $675 million revolver there, and that gives us time and availability to be patient and look for our different opportunities there.

Jon，我還想指出一點，隨著時間的推移，循環信貸餘額或循環信貸利率雖然是可變的，但它與聯邦基金利率的變動聯繫得更加緊密。現在已經調整到 4.7 左右的範圍內了。我們可能會開始在6.75億美元的循環信貸額度上保持一定的平衡，這給了我們時間和餘力去耐心尋找不同的機會。

So we feel real good about our capital position, our ability to tap into that debt. And thankfully, our team, three good acquisitions this quarter, continue to make a way through our development pipeline. And so we continue to have a need for capital because they're finding good ways to put it to work and accretive for the shareholders. But we're in a good spot and feel like things are turning the right way and giving us more options, so we're excited about that.

因此，我們對自身的資本狀況以及利用債務融資的能力感到非常滿意。值得慶幸的是，我們團隊在本季度完成了三項成功的收購，這些收購項目正在逐步推進我們的開發計劃。因此，我們仍然需要資金，因為他們找到了讓資金發揮作用並為股東增值的好方法。但我們現在處境不錯，感覺事情正在朝著正確的方向發展，給了我們更多選擇，所以我們對此感到興奮。

All right. Thank you very much. Appreciate it.

好的。非常感謝。謝謝。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

Hey, good morning. I was wondering if you could provide the average rent per square foot signed year to date and how we should compare that to the 2026 expiring rents, which at the beginning of the year were at $8.42? I know there might be a mix or timing discrepancy between the two, but just trying to see some of the building blocks for the GAAP same-store NOI next year.

嘿，早安。我想請問您能否提供今年迄今為止每平方英尺的平均簽約租金，以及我們應該如何將其與 2026 年到期的租金進行比較？年初時，2026 年到期的租金為每平方英尺 8.42 美元。我知道兩者之間可能存在混合或時間上的差異，但我只是想了解明年 GAAP 同店 NOI 的一些基本要素。

Yes, good question. We could dive into that. I could go offline and see if we can get some numbers for that. I would give you the standard answer that across all of our markets that the average rent per square foot can move around quite a bit. California certainly at very high rates relative to some other areas of the country, even though there's been softness there.

是的，問得好。我們可以深入探討這個問題。我可以離線查看一下，看看能不能找到一些相關數據。我的回答是，在我們所有的市場中，每平方英尺的平均租金可能會有相當大的波動。儘管加州經濟有所放緩，但與其他一些地區相比，加州的利率仍然非常高。

But looking at our average roll next year in terms of where that square footage is rolling, what I would say, John, maybe give you some color backing up for a moment is even though we've seen rental rates come down off their peak or highs, they still -- as I alluded to earlier, they're still very sticky. And certainly, they've moderated a little bit from the highs. But again, getting rental rate out of deals hasn't been the big part of the equation. It's just been more the sentiment and the demand pace more than anything else.

但就明年平均面積的走勢而言，約翰，我想說的是，或許可以先給你補充一些背景信息，那就是，儘管我們看到租金已經從峰值或高位回落，但它們仍然——正如我之前提到的，它們仍然非常堅挺。當然，它們已經比之前的峰值有所回落。但話說回來，從交易中獲得租金收益並不是最重要的因素。主要是市場情緒和需求速度的變化，而不是其他因素。

But we're not sensing a lot of headwind to still having, as Marshall alluded to earlier in the call, to having strong rental rate growth numbers. So I guess what I'm trying to say there is we don't see anything there that's going to change that in a material manner. But in terms of actual numbers on an average per square foot, we could circle offline and give you some color there. We'd have to run a few numbers there.

但正如馬歇爾在電話會議早些時候提到的那樣，我們並沒有感覺到強勁的租金成長率會面臨太大的阻力。所以我想說的是，我們看不到任何能夠從實質上改變這種情況的因素。但就每平方英尺的平均實際數字而言，我們可以私下詳細討論一下，並給你一些資訊。我們得算一下這方面的數據。

Well, then maybe as a follow up, can you comment on the acceleration you saw in the GAAP same-store NOI this quarter and whether or not that's a good run rate going forward?

那麼，作為後續問題，您能否就本季 GAAP 同店 NOI 的加速成長發表一下看法，以及這是否是一個良好的未來成長速度？

Well, the GAAP -- yes, we're having -- really, I think, kind of an untold story here is we're having a terrific operating year in our existing portfolio. I mean, obviously, there's been a little more slowness in the pace of which we've moved our development leasing than we would like. But I would point out that our same store guide of up into the approaching 7% -- and you could do the math and work backwards. But to get to our midpoint cash same store for the year guide, we're looking at like a 8.2% fourth quarter cash same store number. And that's based off of, as I said in my comments, a 97% -- exactly 97.0% same store occupancy number.

嗯，按照 GAAP 計算——是的，我們——真的，我認為，這裡有一個不為人知的故事，那就是我們現有投資組合的營運年度非常出色。我的意思是，很顯然，我們在開發租賃方面的進展速度比我們預期的要慢一些。但我要指出的是，我們同一家商店的指南顯示，折扣高達 7%——您可以自己計算一下，然後反推。但要達到我們全年同店現金銷售額預測的中點，我們預期第四季同店現金銷售額將成長 8.2%。正如我在評論中所說，這是基於 97%——確切地說是 97.0% 的同店入住率。

So the operating portfolio, when you look back, we hit the low point in fourth quarter last year at 95.6% in our same store occupancy. Then that moved in first quarter to 96%, then to 96.3%, and then the third quarter, 96.6%. We're projecting 97% for fourth quarter. So a very good, steady, stable growth story in the operating portfolio at an 80% retention.

所以回顧一下，我們的營運組合在去年第四季跌至谷底，同店入住率僅 95.6%。然後，第一季上升到 96%，然後上升到 96.3%，第三季上升到 96.6%。我們預計第四季將達到97%。因此，營運組合實現了非常好的、穩定的成長，留存率達到 80%。

So all of that feels very good. That momentum feels very good going into next year. Hats off and compliments to our team for putting that together. But yes, in terms of your run rate, we feel good about where we are. Where the numbers are trending throughout this year has been pretty consistent stabilization and operating portfolio as we lead into next year.

所以這一切感覺都非常好。這種勢頭對明年來說非常有利。向我們的團隊致敬，感謝他們共同完成這項工作。但是，就你的勝率而言，我們對目前的狀況感到滿意。今年以來，各項數據的趨勢一直相當穩定，營運組合也穩步推進，為明年做好準備。

Thank you.

謝謝。

(Operator Instructions) Brendan Lynch, Barclays.

（操作說明）Brendan Lynch，巴克萊銀行。

Great. Thank you for taking my question. Historically, I think you focused more on stabilized acquisitions, and you had a few this quarter as well. When you think -- the rationale was that you want to lease up risk to the development pipeline. As you kind of bring down the development pipeline now, does that change your perspective on acquiring vacancy going forward?

偉大的。感謝您回答我的問題。從歷史上看，我認為你們更注重對已穩定企業的收購，本季你們也進行了一些收購。當你思考時－其理由是你想將風險轉移到開發流程。隨著你們逐漸減少開發項目，這是否會改變你們未來獲取空置房產的看法？

Good morning. A good question, and this is Marshall. I'd say the way we think about it is try to -- at the end of the day, we want to own well-located, kind of shallow-bay, near-consumer buildings. And at different points in the cycle, the risk-reward shift there for a while. I thought with the tariffs, cap rates might go up. But they really -- those have been sticky.

早安.問得好，我是馬歇爾。我認為我們考慮的方式是——歸根結底，我們想要擁有位置優越、水深較淺、靠近消費者的建築物。在周期中的不同階段，風險報酬會暫時發生轉變。我原以為關稅一出，資本化率可能會上升。但它們真的——那些東西很黏。

And so what we've bought has been pretty strategic. And usually, what we've liked -- we've got a couple of things we're working on. They're in sub-markets where we're strong and have -- we've been for years, and they're immediately accretive is another way we look at them, probably. And they've all been one-off.

因此，我們購買的商品都具有很強的戰略意義。通常情況下，我們喜歡的東西——我們有一些正在努力的方向。它們位於我們實力雄厚的細分市場，而且我們已經在這些市場深耕多年，從另一個角度來看，它們可能會立即帶來收益。而且它們都是一次性的。

The portfolio deals get more expensive. But broad brush, we're usually about -- we've been around a 6% or just north of a 6% net effective return, new buildings. And so I would put them in the top third of our portfolio. So maybe in a kind of a flatter market where we've been a little bit, acquisitions, you're right, are more attractive. I think what we'll turn, you'll see us be a more active developer.

投資組合交易變得越來越貴。但總的來說，我們通常的淨有效回報率在 6% 左右，或略高於 6%，這是新建建築的淨有效回報率。因此，我會將它們列入我們投資組合的前三分之一。所以，在目前這種相對穩定的市場環境下，收購或許更有吸引力，你說得對。我認為接下來你們會看到我們成為更積極的開發商。

And then in that -- and it's been maybe another interesting trend that I think is a good sign. We've had more inbound calls to us looking for us to be the equity partner or get involved with a local regional developer. I'm not sure the market's quite there yet. You're seeing it in our own development numbers, but it's telling me there's not a lot of capital for development starts. But as the market kind of heats up, we did a number of that, or the leasing market where we bought vacant buildings or partnered with people to help them build buildings.

然後，這或許是另一個有趣的趨勢，我認為這是一個好兆頭。我們接到了很多來電，對方希望我們成為股權合作夥伴或參與當地區域開發商的專案。我不確定市場是否已經完全成熟。從我們自己的開發數據中也可以看出這一點，但這告訴我，用於啟動開發專案的資金並不多。但隨著市場逐漸升溫，我們在租賃市場也進行了一些類似的操作，例如購買空置的建築物，或與他人合作幫助他們建造建築物。

So we'll try to step on the gas, and that's why we like having a safe balance sheet when things are good to create that value. And sometimes you're better off, again, trying to be patient and find the right quality and kind of build our -- cluster our buildings that we try to do in the right parts of the markets we like. But that's -- and again, I think the trick is being nimble enough to turn the dial, kind of figuring out where the market is. And it's usually based on inbound calls of where the best risk return is right now.

所以我們會努力加速發展，這就是為什麼在情況良好的時候，我們喜歡保持穩健的資產負債表，以便創造價值。有時候，你最好還是耐心一點，找到合適的質量，然後按照我們喜歡的市場中合適的地段，把我們的建築群集中起來。但是——而且我認為關鍵在於要足夠靈活地調整策略，弄清楚市場在哪裡。通常情況下，這是根據來電諮詢得出的，目前哪裡風險回報最高。

Great, thank you.

太好了，謝謝。

You're welcome.

不客氣。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

Hi, thanks. Good morning. I wanted to follow up on some of that commentary a little bit and also around the pace of development leasing and how you're seeing conditions thaw out a little bit. It sounded like some of your peers may be leaning in a little bit to development.

您好，謝謝。早安.我想就之前的一些評論再補充一點，也想談談開發租賃的速度，以及您認為市場狀況是如何逐漸改善的。聽起來你的一些同齡人可能有點傾向於從事開發工作。

Your comments were constructive around the broader environment for starts, which you mentioned at the low dating back to 2018. And I'm just curious if some of the delays on your side push into '26 and you ramp back up with a higher amount of starts, or if you think the slower pace could sort of persist a little bit further and put a little more pressure on starts in the near term as you think about 2026.

您就整體就業環境發表了建設性意見，您提到就業市場處於自 2018 年以來的低谷。我只是好奇，如果你們那邊的一些延誤持續到 2026 年，你們是否會通過增加比賽場次來逐步恢復比賽，或者你們是否認為這種較慢的節奏可能會持續更長時間，並在你們考慮 2026 年的時候給近期的比賽帶來更大的壓力。

Hey, Todd. Good morning. I guess it's hard to look up. I've been calling the recovery. I've missed it by several quarters. I keep thinking we're about there. It feels like you're at the starters block and it keeps getting delayed. I'm hopeful next year, and it wouldn't take a lot. When I look at our development pipeline or our transfers, it's not a huge amount of square footage that's not -- if I take out what's under construction, we don't need a lot of quantity of leases.

嘿，托德。早安.我想很難找到答案。我一直在打電話進行恢復工作。我錯過了好幾個季度。我總覺得我們快要成功了。感覺就像站在起跑線上，卻一直被耽擱。我對明年充滿希望，也不需要付出太多努力。當我查看我們的開發項目或轉讓項目時，發現沒有投入使用的建築面積並不大——如果我把正在建造的項目排除在外，我們就不需要大量的租賃合約。

And like the one where the lease -- as I think about it, where it flipped, where we had a signed lease, which meant we were out of inventory, we were getting ready to break ground on the next building. And the tenant changed their mind on it. So it can kind of just flip that quickly.

就像租賃合約翻轉的那次——現在想想，當時我們已經簽了租賃合同，這意味著我們的庫存已經用完了，我們正準備開始建造下一棟建築。租戶改變了主意。所以情況可能就這麼迅速地轉變。

I'd like to think next year, we'll -- I'd like to think we'll be north of $200 million in starts. That may be back, depends on when things pick up. But if the market's not there, I think we should -- we owe it to our investors to come down from $200 million. But if the market picks up -- the beauty of having the parks and the team we do and the balance sheet is our team will say part of their job is to have the permit in hand. And we can build the building and call it 8 to 10 months.

我希望明年——我希望我們的開拍票房能超過 2 億美元。這種情況可能會恢復，這取決於經濟何時好轉。但如果市場沒有這樣的條件，我認為我們應該——我們有義務對投資者負責，將融資規模從 2 億美元減少到 1 億美元。但如果市場回升——我們擁有公園、團隊和資產負債表的優勢在於，我們的團隊會說，他們的部分工作就是拿到許可證。我們可以建造這棟大樓，預計需要 8 到 10 個月。

So as things turn, and we feel pretty confident about the last project leasing up or running out of space or tenants needing expansion, we'll go ahead and break ground. So it'll be fun when we reach that point, and we're just trying to be patient and see the demand, maybe, rather than call the demand on it. Because I don't think that we really will get punished too badly in any market. I'd rather be slightly late than too early. And right now, we're seeing the activity. We just need some signed leases, and that'll pull that next round of starts.

所以，隨著情況的發展，如果我們對最後一個項目出租出去、空間不足或租戶需要擴張都相當有信心，我們就會繼續破土動工。所以，當我們達到那個階段時，將會很有趣。我們現在只想保持耐心，看看市場需求如何，而不是過早預測市場需求。因為我認為我們在任何市場都不會受到太嚴重的懲罰。我寧願稍微遲到，也不願太早到。現在，我們已經看到了這種活動。我們只需要簽一些租約，就能啟動下一輪的開工。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi. Yes, good morning. Sorry to beat a dead horse about the mark-to-market this quarter, but I just wanted to understand or clarify. The deceleration this quarter, was that really a mix-related issue, or was there also some pricing pressure?

你好。是的，早安。很抱歉又要老生常談本季的市值計價問題，但我只是想了解或澄清一下。本季成長放緩，真的是產品組合方面的問題，還是也存在一些價格壓力？

I think -- this is Brent. I think it's more just a mix. Like I say, certainly if you look back a few quarters and look at our peak and high, we're certainly off that a little bit. But it's within reason. And modestly, as Marshall alluded to, we report leases signed, which we think is, obviously, gives you direct information about what we did this quarter. If you were to look at just a leases commenced for the third quarter as opposed to a 35% GAAP number, which is what we reported, we would have been 45%.

我想——這是布倫特。我覺得更像是混合體。正如我所說，如果你回顧幾個季度前我們的巔峰時期，我們肯定已經偏離了那個水平。但這也在合理範圍內。正如馬歇爾所暗示的那樣，我們謙虛地報告了已簽署的租賃合同，我們認為，這顯然能讓您直接了解我們本季度的工作情況。如果只看第三季開始的租賃數量，而不是我們報告的 35% 的 GAAP 數據，那麼我們的比例將是 45%。

So look -- but that being said, it can be a different mix. But again, as we talked about, that mid-30 range of GAAP leasing increases feels very sticky. Like I say, the vacancy continues to be tight. When you look at vacancy in the less than 100,000 square foot space range, which is where we live, work, and play, I mean, that's looking at like 4.5%.

所以你看——但話雖如此，它也可能是不同的組合。但正如我們之前討論過的，GAAP租賃價格上漲30%左右的幅度似乎非常穩定。正如我所說，職缺依然非常緊張。當你查看面積小於 100,000 平方英尺的空間範圍的空置率時（這正是我們生活、工作和娛樂的空間），我的意思是，那大約是 4.5%。

So again, part of our challenge isn't that potential prospects compare us to eight other options in the market and you're trying to figure out a way to whittle your rate down to make the deal. It's more so just having someone that's really committed to moving their business into and occupy a new space. And once you do that, you have pretty good leverage on the rent side because there aren't many options. So certainly, from a quarter to quarter, it could move 5% one way or the other just based on the mix. But by and large, it feels like that area that we're in, that 30% GAAP sort of range is, as I keep saying, pretty sticky.

所以，我們面臨的挑戰之一不是潛在客戶將我們與市場上其他八個選項進行比較，而是你想辦法降低價格以達成交易。更重要的是，要找到真正致力於將業務遷入並佔據新場所的人。一旦你這樣做，你在租金方面就有了相當大的優勢，因為選擇不多。所以，當然，僅根據成分股的不同，季度之間的價格波動幅度可能會達到 5%。但總的來說，感覺我們所處的這個區域，也就是 30% 的 GAAP 範圍，正如我一直說的，相當穩定。

Thank you.

謝謝。

Yes, thank you.

是的，謝謝。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yes, hi. You kind of touched on this before, but going to development, you started the project in Dallas. But out of curiosity, when you look at the overall pipeline at kind of 9% pre-leasing, based on what's under construction, recently completed. Does that come into play at all, like when you're thinking about what to start or not? Is there some sort of a cap on spec development lease-up space that you want to have, or is it really the opportunity you're looking at is going to dictate whether or not you put a shovel in the ground?

是的，你好。你之前也稍微提到過這一點，但說到開發，你是在達拉斯啟動了這個計畫。但出於好奇，如果你看一下整體的在建項目，你會發現預租率大約是 9%，這是根據正在建設和最近完工的項目來看的。這在考慮是否要開始做某件事時會起作用嗎？你們對投機性開發租賃面積是否有某種上限？還是說，你們正在考慮的機會將真正決定你們是否會破土動工？

Yes, I guess. Hey, Mike, good morning. It's Marshall. I'm trying to be cute. The answer is probably yes. It's a little of both and that we do look at kind of, I call it risk at the entity level. Yes, there's a level we should have. I'm not sure. We've got a calculation. We usually look at it as a percent of assets, kind of valuing it, and I'm doing like maybe 6% and things like that. And we haven't been close to that. And that could be a combination of land value-add, meaning unleased buildings, and what's under development.

是的，我想是的。嘿，麥克，早安。是馬歇爾。我努力讓自己看起來可愛。答案很可能是肯定的。兩者兼而有之，我們確實會從實體層面來考慮這種風險，我稱之為風險。是的，我們應該達到一定的水平。我不知道。我們已經計算出來了。我們通常將其視為資產的百分比，以此來評估其價值，而我大概做到了 6% 左右。我們離那個目標還很遠。這可能是土地增值（即未出租的建築物）和正在開發的項目的組合。

So we do track that on a quarterly basis. We've thankfully been below that. And then really, more day-to-day, it is part by part, sub-market by sub-market of what's the activity do we have there. And you try to stay ahead of it, but maybe only a little bit ahead of it. It would be Brent and I calling you saying, hey, we're 50% leased, I've got good activity on the balance, and a couple of tenants say they want more space. And so that's when we'll break ground and build the next building or two.

因此，我們會按季度追蹤這些數據。值得慶幸的是，我們一直低於這個水平。然後，實際上，更確切地說，是逐個部分、逐個子市場地去了解我們在那裡開展了哪些活動。你試著領先它一步，但可能只能領先一點點。屆時，我和布倫特會打電話給你，說：“嘿，我們的出租率已經達到 50%，剩餘的房源也進展順利，還有幾位租戶表示他們想要更大的空間。”所以，到時候我們就會破土動工，蓋接下來的一兩棟。

So I've always said, what I like about our model versus a lot of the traditional developer model, it's not us pushing supply into the market. It's really getting pulled by our teams in the field saying, I need more inventory. And so that's where -- look, we've pulled back and slowed the manufacturing line where we said, okay, you've got the inventory. You don't need any more. Let's get that accounted for. And then we'll try to keep the factory going as fast or as slow as the market tells us it wants it.

所以我一直說，我喜歡我們這種模式而不是很多傳統開發商模式的地方在於，我們不會向市場強推供應。實際上是我們的一線團隊強烈要求增加庫存。所以，我們採取了措施——你看，我們已經放慢了生產線，我們說，好吧，你們已經有了庫存。你不需要更多了。我們得把這一點考慮進去。然後我們會根據市場需求，努力讓工廠以適當的速度運作。

But right now, again, I'm happy, as Brent mentioned earlier, happy where the portfolio is. It's exceeding our expectations this year. I like our same-store numbers. I'd like to think our occupancy has more upside. We were coming off record highs, and so we've been battling occupancy declines on same-store for several quarters at that. We have a chance to pick it up on rent and occupancy.

但就目前而言，正如布倫特之前提到的那樣，我對投資組合的現狀感到滿意。今年它的表現超出了我們的預期。我喜歡我們同店銷售額的數據。我認為我們的入住率還有更大的上升空間。我們之前業績創下歷史新高，因此，在過去的幾個季度裡，我們一直在與同店入住率下降作鬥爭。我們有機會透過租金和入住率來獲得它。

And then development is really -- look, the capital's been spent, the office space has been built out, and a large amount of these spaces that we've either transferred over and leased up. And so we just need to kind of get those prospects to convert next, and that's what we need to show you.

然後發展實際上是——你看，資金已經投入，辦公空間已經建成，其中很大一部分空間我們已經轉讓並出租了。所以接下來我們只需要讓這些潛在客戶轉換成客戶，而這正是我們需要向你們展示的。

Got it. Okay, thank you.

知道了。好的，謝謝。

You're welcome.

不客氣。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Hey, just a quick one. Just on the dev starts coming down, can you talk through just which markets did you think could pencil -- or did you want to do stuff at the beginning of the year that you maybe have pulled back on currently as part one? And then if I could just ask a quick follow up on, I think you talked about next year maybe getting a chance of occupancy gains. And you have the rent escalators and so forth. So is the spreads really going to be the big sort of delta for you guys as you're thinking about same store for next year? Thanks.

嘿，就問一個問題。就在開發商開始下台的時候，您能否談談您認為哪些市場有可能盈利——或者您是否想在年初做一些事情，但目前作為第一部分已經取消了？然後，我能否再快速問一下後續問題，我想您之前提到明年或許有機會提高入住率。還有租金上漲機制等等。那麼，對你們來說，在考慮明年同店經營時，價差真的會是影響價格走勢的主要因素嗎？謝謝。

I'll maybe touch on -- hey, Ron. Good morning. And I'll touch on developments and maybe Brent or between us will -- on the same store. Look, we always have kind of a list of starts that you feel comfortable, and then potential starts based on if a leasing falls one way or the other. So it's not any one market, although we'll say one of the Texas markets where we had the signed lease, we were out of space in the park. And we were starting the next building. That was probably a $20 million, $25 million swing.

我可能會提到——嘿，羅恩。早安.我會談到一些進展，也許布倫特或我們兩個會——在同一家商店裡。你看，我們總是會列出一份你覺得合適的開工清單，然後根據租賃情況的成敗，再列出一些潛在的開工方案。所以這不是某個特定市場的問題，雖然我們說的是我們在德州的一個市場，我們簽了租約，但我們在園區的空間已經不夠用了。然後我們開始建造下一棟建築。那可能是2000萬到2500萬美元的差距。

And again, it's okay. We'll work our way through it long term. It's not an issue. It just, based on what we knew at one point in time, we thought we needed to build another building. And today, we've got inventory we need to backfill. So that's probably the swing there. And again, there's still -- I think there's only a couple of three starts this quarter that we've got programmed in. We feel pretty good about those. But again, some of that's based on leases that are out for signature that would pull that next ticket.

再說一遍，沒關係。我們會從長遠角度來解決這個問題。這不是問題。根據我們當時掌握的信息，我們認為需要再建一棟。今天，我們需要補充一些庫存。所以，這大概就是搖擺幅度了。而且，我認為本季度我們只安排了兩到三次首發。我們對這些結果感覺相當不錯。但話說回來，其中一些是基於即將簽署的租賃合同，這些合同將決定下一張罰單的發放。

Yes, and in terms -- Ron, good morning. In terms of the same store, certainly on the rent side, as I mentioned earlier, it still feels -- although off the highs, it's still -- from the cash standpoint, that 20% range still feels sticky. So if you figure you're rolling, I don't know, 20% of your portfolio any given year, maybe you've got 4% to 5% there in terms of potential growth.

是的，而且——羅恩，早安。就同​​一家店鋪而言，當然在租金方面，正如我之前提到的，雖然沒有達到高峰，但從現金流的角度來看，20% 的漲幅仍然讓人感到難以承受。所以，如果你估計你每年會拿出投資組合的 20% 進行投資，那麼潛在成長可能只有 4% 到 5%。

And then as I mentioned earlier, we began this year, '25, at about a 96% same-store occupancy, and we're projecting to finish the year closer to 97%. So as you flip the calendar, if we can maintain that or even incrementally build on that, then for the first few quarters of early next year, ideally, that should stack up favorably. Now we obviously haven't looked at numbers or looked into specifics on that. But certainly, we feel like the ingredients are there for a solid same-store run rate going into next year.

正如我之前提到的，今年（2025 年）年初，我們的同店入住率約為 96%，我們預計到年底將接近 97%。所以，隨著日曆翻過一頁，如果我們能夠保持這種勢頭，甚至在此基礎上逐步發展，那麼理想情況下，明年年初的前幾季度應該會取得有利的結果。顯然，我們還沒有查看具體數字或進行深入研究。但我們相信，明年同店銷售額穩定成長的條件已經具備。

And to kind of tag along with what Marshall says, it excites me that we've been in the top of our peer group, really in the top one or two in FFO growth. Last year, we grew our earnings at about 7.9%. This year, we're forecast at about 7.3%, so 15% combined. And we've done that despite slower development leasing, which can be, at times, a really big catalyst to our growth.

我同意馬歇爾的說法，令我興奮的是，我們一直處於同行中的佼佼者，在 FFO 成長方面更是名列前茅。去年，我們的獲利成長了約 7.9%。今年我們預計約為 7.3%，所以加起來是 15%。儘管開發租賃速度放緩，但我們仍然實現了這一目標，而開發租賃有時可以成為我們成長的真正催化劑。

And so to have this space poised and ready to go, as Marshall said, money spent, office space ready to go, just an incremental increase in activity and signings and confidence. And then that would be an entire cylinder that could fire more strongly than it has been that could even give us more lift. So again, feeling that could be a lift to us going into next year.

因此，正如馬歇爾所說，為了讓這個空間做好準備，資金已經到位，辦公空間也已準備就緒，只需逐步增加活動、簽約量和信心即可。這樣一來，整個汽缸的燃燒強度就能比以前更強，甚至可以帶給我們更大的升力。所以，再次感受到這一點，可能會對我們明年的發展起到提振作用。

Helpful. Thank you.

很有幫助。謝謝。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Great, thanks. I wonder if you can give some color around leasing costs and how you expect those to trend maybe over the next couple quarters. And Marshall, maybe specifically as it relates to the development pipeline, could you look to get more aggressive, whether it's TIs or other aspects to kind of get these deals over the finish line? Or are you expecting to remain pretty judicious in the leasing cost perspective?

太好了，謝謝。我想請您介紹一下租賃成本的情況，以及您預計未來幾季租賃成本的趨勢。馬歇爾，或許具體來說，就開發流程而言，您能否採取更積極的措施，無論是 TI 還是其他方面，以促成這些交易最終完成？或者，您打算在租賃成本方面保持相當謹慎的態度？

I think -- and I'll say, California, we've seen -- in terms of lease, true dollars out of pocket or maybe on the construction costs, those have been pretty sticky and really lease by lease. With increase in rents, we'll spend, I'm just looking, usually $1.10, $1.20 a square foot. It's gotten to where more of that is the commissions than the actual cost per pocket, one advantage we have as a larger entity.

我認為——而且我要說，在加州，我們已經看到——就租賃而言，實際的現金支出或建設成本，這些都相當棘手，而且真的是逐筆租賃來看。隨著租金上漲，我們每平方英尺的支出，我只是隨便看看，通常是 1.10 美元、1.20 美元。現在，佣金佔比已經超過了每位客戶的實際成本，這是我們作為一家大型企業所擁有的優勢之一。

And in some cases, the smaller developers who usually -- they have a bank loan or this or that. They can be more limited on the TI they can offer tenants; whereas if the credit's there and we can protect ourselves on the credit side, we can certainly fund more TIs than some of our smaller peers can, thankfully. So it's not that -- I would say it's not that -- good questions, but it's not that companies don't like the rent, they don't like the TI package, or this or that. It usually comes back.

在某些情況下，規模較小的開發商通常會—他們有銀行貸款或其他什麼貸款。他們能為租戶提供的房屋裝修補貼可能比較有限；然而，如果信貸到位，並且我們能在信貸方面保護自己，那麼我們當然可以比一些規模較小的同行提供更多的房屋裝修補貼，這真是太好了。所以問題不在於──我覺得不在於──問得好，但問題不在於公司不喜歡租金、不喜歡裝潢方案，或是其他什麼。它通常會恢復原狀。

There was one where they wanted a full building, then they took the space down, and we got a lease signed. This is all this year or in the last few months, and now we're talking to them about an expansion, which I'm glad we are. But it's really people trying to predict their businesses more than the economics we're offering. And I think as they get more comfortable, which they seem to slowly be doing or, as I mentioned, dusting themselves off and ready to kind of look at -- I've got to run my business in spite of whatever headlines are out there, then we're making market deals. And those make sense.

有一次，他們想要租下一整棟大樓，然後他們拆掉了那部分空間，我們簽了租約。這一切都發生在今年或最近幾個月，現在我們正在和他們商討擴張事宜，我很高興我們能做到這一點。但實際上，人們更多的是在試圖預測他們的業務，而不是我們提供的經濟分析。我認為，隨著他們逐漸適應（他們似乎正在慢慢適應，或者正如我提到的，他們正在撣去身上的灰塵，準備審視——我必須不顧外界的任何頭條新聞來經營我的生意），然後我們才能達成市場交易。這些說法都有道理。

I don't think -- near term, I think given the lack of construction going on nationally, I would think our commissions will probably continue trending up just because they're a percent of rents, and our TI should hold pretty steady. And look, those certainly, I call it, $1.20 a foot per year of lease term, thankfully for industrial compared to other property types. We're getting off light from that front. It's easier to do the credit risk. It's lower.

我不認為——就短期而言，鑑於全國範圍內缺乏建設，我認為我們的佣金可能會繼續上漲，因為它們是租金的百分比，而我們的裝修收入應該會保持相當穩定。而且，我稱之為每年每平方英尺 1.20 美元的租賃價格，值得慶幸的是，這是工業地產的價格，與其他類型的房地產相比要低得多。我們在這方面算是僥倖脫身。信用風險評估比較容易一些。更低。

Great. That's it for me. Thanks for the time.

偉大的。就這些了。謝謝你抽出時間。

Okay. Thanks, Michael.

好的。謝謝你，麥可。

Thank you.

謝謝。

Jessica Zheng, Green Street.

鄭傑西卡，綠街。

Hi, good morning. It sounds like the smaller tenants have been more active on new leases. Just wondering if you're seeing any changes in overall tenant credit quality or lease term preferences on these leases?

您好，早安。聽起來規模較小的租戶在簽訂新租約方面更加活躍。想了解一下，您是否觀察到這些租賃合約中租戶的整體信用品質或租賃期限偏好有任何變化？

Yes -- no, this is Brent. It's really been same type tenancy that we've seen. As we talked about earlier, our bad debt being good, we're always vetting credit depending on the deal. But we've seen nothing really changing there. And as Marshall alluded to, really, the TI packages and that type thing, it's all been -- thankfully, for us, we're still in that 12%, 15% office finish rest warehouse. Any particular deal might have some nuance to it, but all of that continues to be pretty consistent. So really, no changes in terms of the specific type or credit of tenant that we're seeing or evaluating relative to any other time, really.

是的——不，這是布倫特。這和我們之前看到的租約類型完全一樣。正如我們之前討論過的，壞帳也是好事，我們會根據具體交易情況審查信用。但我們並沒有看到那裡發生任何真正的變化。正如馬歇爾所暗示的那樣，TI 套件之類的東西，謝天謝地，對我們來說，我們仍然處於 12%、15% 的辦公用品剩餘庫存狀態。具體的交易可能會有一些細微差別，但總體而言，這些原則仍然相當一致。所以實際上，就我們所看到或評估的租戶的具體類型或信用狀況而言，與以往任何時候相比，並沒有任何變化。

Okay, great. Thanks for the color.

好的，太好了。謝謝你提供的色彩。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

Yes, thanks. Marshall and Brent, I wanted to tie -- try and tie together some of your comments that you made throughout this call. I know that you seemed encouraged about the improving leasing prospects, but the company also reduced its occupancy guide; I mean, albeit modestly, the development start guide and pushed out a few development stabilizations. I mean, is both true that you're seeing better prospects, but your expectations were a little bit too aggressive last quarter, so you needed a right size of those? Or are we just seeing this temporary lull right now, and things should bounce back as you kind of get into 2026?

好的，謝謝。馬歇爾和布倫特，我想把你們在這通電話中提到的一些內容連結起來。我知道你似乎對租賃前景的改善感到鼓舞，但公司也下調了入住率指導；我的意思是，儘管幅度不大，但開發啟動指導和一些開發穩定期都推遲了。我的意思是，你確實看到了更好的前景，但你上個季度的預期有點過於樂觀，所以你需要調整到合適的規模，這兩種說法都是正確的嗎？或者這只是暫時的平靜期，到了 2026 年左右，情況應該會反彈？

Yes, good morning. I think, on our occupancy, it's really the portfolio is more full than we -- the same store portfolio occupancy has gone up. It's the first time I can remember the last two quarters we've raised our same-store guidance; but as you said, slightly lowered our occupancy. And that's a reflection of developments rolling in a little bit more slowly.

是的，早安。我認為，就我們的入住率而言，實際上是整個投資組合的入住率比我們更高——同一家門市的投資組合入住率上升了。這是我記憶中近兩個季度以來第一次上調同店銷售預期；但正如你所說，我們略微降低了入住率。這也反映出，有些進展速度稍慢一些。

So development leasing as a whole has certainly -- over the course of the year, the portfolios outperformed the revenue from developments. We were aggressive in our underwriting on that. That's come in light. Glass half full or half empty, that's our -- as Brent touched on, that's our potential for next year to go from zero to whatever those rents are there. So that's the opportunity ahead of us.

因此，從整體來看，開發租賃業務在過去一年中的表現確實超過了開發案的收入。我們在核保方面採取了積極的措施。真相大白了。杯子是半滿還是半空，正如布倫特所提到的，這就是我們明年從零到任何租金水平的潛力。這就是我們面前的機會。

But that's probably where it's -- and developments, really -- I guess if I'm tying the comments together, look, the best way to lease up Phase 2 within our park isn't to deliver Phase 3. So we've slowed down our development starts simply as a function of we have the inventory available. It's still on the shelf. We don't need to create more inventory. So we've slowed the developments, and I think with our retention rate of 80%, things like that, tenants have been sitting still, given kind of some of the headlines.

但問題可能就出在這裡——而且發展情況也確實如此——我想，如果我把這些評論總結起來，你看，在我們園區內出租二期工程的最佳方法不是推出三期工程。因此，我們放慢了開發啟動速度，這僅僅是因為我們目前擁有足夠的庫存。它還在貨架上。我們不需要增加庫存。所以我們放慢了開發速度，而且我認為，鑑於我們 80% 的續租率，以及其他一些因素，租戶們一直按兵不動，這可能也與一些新聞報道有關。

I'm more encouraged -- if I go back, call it, 60, 90 days are prospect conversations materially in terms of just number of prospects and then the size range of a few of those conversations. Give us a couple of quarters, and we need to get those turned into signed leases. But I'm more encouraged by the prospect activity. Certainly, it's much better than we saw in June of this year. But until it turns into a signed lease, it's just that. It's prospect activity. So that's -- if that helps, I'm trying to be consistent and kind of paint -- but that's how -- that's where we've headed direction wise, and we'll just kind of go as fast as the market allows us to.

我感到更加鼓舞——如果我回顧過去，60天、90天的時間裡，潛在客戶的溝通在數量上以及其中一些溝通的規模上都取得了實質性的進展。給我們幾個季度的時間，我們需要把這些時間轉化成簽署好的租賃合約。但我對潛在客戶的熱情感到更加鼓舞。當然，這比我們今年六月看到的情況要好得多。但在正式簽署租賃協議之前，它僅僅只是一份協議而已。這是潛在客戶開發活動。所以——如果這有幫助的話，我努力保持一致，並努力描繪——但這就是——這就是我們前進的方向，我們將以市場允許的速度前進。

Okay, perfect. Thanks.

好的，完美。謝謝。

You're welcome.

不客氣。

And at this time, Mr. Marshall, we have no other questions registered -- I'm sorry, Mr. Loeb. We have no other questions registered. Please proceed.

馬歇爾先生，目前我們沒有其他問題登記——對不起，勒布先生。我們沒有收到其他已登記的問題。請繼續。

Okay. Thanks, everyone, for your time. We appreciate your interest in EastGroup. If there's any follow-up questions or thoughts, feel free to reach out to us, and we hope to see you soon.

好的。謝謝大家抽出時間。感謝您對EastGroup的關注。如有任何後續問題或想法，請隨時與我們聯繫，我們期待盡快見到您。

Thank you.

謝謝。

Thank you, gentlemen. This does, indeed, conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines. Have a good weekend.

謝謝各位先生。今天的電話會議到此結束。再次感謝各位的出席。此時，請您斷開線路。有一個美好的周末。